Oil Stocks- Soybean futures near seven-year highs | 2021-04-21
Recap for April 20
- Robust demand, concerns about tight supplies and strong global vegetable oil demand sent soybean futures to their highest levels in nearly seven years on Tuesday. Corn futures also shot higher as cold weather slowed Midwestern planting progress. Wheat futures were higher across the board with spillover support from soybeans and corn plus concerns cold temps could affect the southern Plains and Central states winter wheat crops. May corn added 14½¢ to close at $6.06½ a bu. Chicago May wheat added 7½¢ to settle at $6.59¾ a bu. Kansas City May wheat advanced 8¾¢, closing at $6.20¾ a bu. Minneapolis May was up 4½¢, closing at $6.69 a bu. May soybeans jumped 22¼¢ and closed at $14.72 a bu. May soybean meal added $2.90, closing at $410.40 a ton. May soybean oil added 2.05¢ to close at 58.32¢ a lb.
- Investors assessing blue-chip companies’ first-quarter data and sales prospects for 2021 sent US equity markets lower Tuesday. Ideas were many of the companies were at or near record-high share prices and some investors were taking money off the table. The Dow Jones Industrial Average dropped 256.33 points, or 0.75%, closing at 33,821.30. The Standard & Poor’s 500 Index dropped 28.32 points, or 0.68%, to close at 4,134.94. The Nasdaq Composite dropped 128.50 points, or 0.92%, to close at 13,786.27.
- US crude oil futures closed lower Tuesday. The May contract nearing expiration fell 94¢, settling at $62.44 per barrel. The June contract fell 76¢, closing at $62.67 per barrel.
- The US dollar index turned higher Tuesday for the first time in seven sessions.
- US gold futures advanced despite the stronger dollar. The April contract was up $7.90, settling at $1,777.30 per oz.
Recap for April 19
- Chilly temperatures and precipitation in forecasts generated concerns about the pace of planting and germination and boosted corn futures to open the week. Soybeans followed corn higher. Meanwhile trade of wheat futures was choppy and contracts were mixed at the close with support from a weaker dollar and pressure from profit-taking after reaching a six-week high. May corn added 6½¢ to close at $5.92 a bu. Chicago May wheat eased ¼¢ to $6.52¼ a bu; later months were mixed, mostly easing. Kansas City May wheat advanced 2¾¢, closing at $6.12 a bu. Minneapolis May was up ¼¢, closing at $6.64½ a bu; later months were mixed. May soybeans jumped 16½¢ and closed at $14.49¾ a bu. May soybean meal added $5.30, closing at $407.50 a ton. May soybean oil eased 0.06¢ to close at 56.27¢ a lb; later months were mixed.
- US equity markets declined Monday, dragged lower by shares of companies across all sectors from technology to retail stocks. The Dow Jones Industrial Average dropped 123.04 points, or 0.36%, closing at 34,077.63. The Standard & Poor’s 500 Index dropped 22.21 points, or 0.53%, to close at 4,163.26. The Nasdaq Composite dropped 137.58 points, or 0.98%, to close at 13,914.77.
- US crude oil futures advanced to open the week. The May contract nearing expiration added 25¢, settling at $63.38 per barrel. The June contract added 24¢, closing at $63.43 per barrel.
- The US dollar index slipped Monday, its sixth decline in as many sessions.
- US gold futures declined despite the weakening dollar. The April contract was down $9.60, settling at $1,769.40 per oz.
Recap for April 16
- US equity markets climbed at the close of the week as banks and other shares advanced on positive earnings reports and signs of economic growth, including Thursday’s Commerce Department report indicating retail sales — a measure of purchases at stores, restaurants and online — jumped 9.8% in March. The DJIA notched a third straight day of gains a day after striking 34,000 for the first time. The S&P 500 also posted a 22nd record closing high but the Nasdaq fell short of its February record. The Dow Jones Industrial Average jumped 164.68 points, or 0.48%, closing at a record 34,200.67. The Standard & Poor’s 500 Index added 15.05 points, or 0.36%, to close at a record 4,185.47. The Nasdaq Composite added 13.58 points, or 0.10%, to close at 14,052.34.
- The unwinding of long corn/short soybean spreads accumulated over the past few weeks sent soybean futures higher to close the week. On the losing end were corn futures, which were liquidated after investment firms built up a near-record bullish stake in the commodity. Wheat futures were mixed, down nearby in Chicago in a profit-takin setback in the aftermath of striking their highest levels since March 8. Dry northern Plains soils and cold weather concerns kept KC and Minneapolis futures firm, with spring wheat at contract highs nearby. May corn fell 4½¢ to close at $5.85½ a bu, but later months were narrowly mixed. Chicago May wheat dipped 1¼¢ and closed at $6.52½ a bu, though later months were mixed, mostly higher. Kansas City May wheat advanced 1½¢, closing at $6.09¼ a bu. Minneapolis May was up 1¢, closing at $6.64¼ a bu with later months mixed. May soybeans jumped 15¢ and closed at $14.33¼ a bu. May soybean meal added 30¢, closing at $402.20 a ton; later months were slightly lower. May soybean oil gained 1.44¢ to close at 56.33¢ a lb.
- US crude oil futures declined at the end of the week. The May contract dropped 33¢, settling at $63.13 per barrel, but posted wide gains for the week.
- The US dollar index slipped for a fifth straight session Friday.
- US gold futures continued to rise as the dollar weakened. The April contract was up $13.60, settling at $1,779 per oz.
Recap for April 15
- Strong earnings reports from such companies as Apple, Microsoft, BlackRock and UnitedHealth Group sent stocks climbing Thursday with additional support from upbeat economic data, including a Commerce Department report indicating US retail sales, which measures purchases at stores, restaurants and online, jumped 9.8% in March. The Dow Jones Industrial Average added 305.10 points, or 0.90%, closing at a record 34,035.99. The Standard & Poor’s 500 Index added 45.76 points, or 1.11%, to close at a record 14,038.76. The Nasdaq Composite added 180.92 points, or 1.31%, to close at 13,857.84.
- Soybeans hit a one-week high as traders said the market should buy acres away from corn to meet domestic and global demand. Concerns about dry conditions in the US Plains and cold temperatures in the Midwest supported wheat futures. Pressure from commercial hedging sent nearby corn futures lower. May corn fell 4¢ to close at $5.90 a bu. Chicago May wheat advanced 5¾¢ and closed at $6.53¾ a bu. Kansas City May wheat advanced 4¼¢, closing at $6.07¾ a bu. Minneapolis May was up 2¼¢, closing at $6.63¼ a bu. May soybeans added 8¼¢ and closed at $14.18¼ a bu. May soybean meal added $3.70, closing at $401.90 a ton. May soybean oil gained 0.65¢ to close at 54.89¢ a lb.
- US crude oil futures advanced for a fourth consecutive day Thursday. The May contract added 31¢, settling at $63.46 per barrel.
- The US dollar index slipped for a fourth straight day Thursday.
- US gold futures jumped as dollar weakened. The April contract was up $30.50, settling at $1,765.40 per oz.
Recap for April 14
- Ideas that a cold snap across the US Midwest and Plains could damage winter wheat and cause some growers to delay planting spring wheat and row crops pushed wheat, corn and soybean futures higher Wednesday. Wheat futures also were supported by dryness in the US northern Plains and European production areas. May corn added 14¢ to close at $5.94 a bu. Chicago May wheat advanced 18¼¢ and closed at $6.48 a bu. Kansas City May wheat jumped 18¾¢, closing at $6.03½ a bu. Minneapolis May was up 12¢, closing at $6.61 a bu. May soybeans soared 20½¢ and closed at $14.10 a bu. May soybean meal added $3.20, closing at $398.20 a ton. May soybean oil gained 1.21¢ to close at 54.24¢ a lb.
- US crude oil futures advanced for a third day Wednesday, supported by a 5.9-million-barrel decline in US oil inventories that topped pre-report forecasts, and a rise in demand for gasoline to 8.9 million barrels per day, an eight-month high. The May contract jumped $2.97, or 4.9%, settling at $63.15 per barrel. It was the largest one-day gain in three weeks and the highest closing price in four weeks.
- US equity markets saw mixed closes Wednesday amid enduring volatility. Technology share selloffs took some momentum out of the market and pared early gains on the DJIA. The Dow Jones Industrial Average added 53.62 points, or 0.16%, closing at 33,730.89. The Standard & Poor’s 500 Index dropped 16.93 points, or 0.41%, to close at 4,124.66. The Nasdaq Composite fell 138.26 points, or 0.99%, to close at 13,857.84.
- The US dollar index slipped lower for a third day Wednesday.
- US gold futures declined despite the weakening dollar. The April contract was down $11.30 to settle at $1,734.90 per oz.